Neon Labs integrates with Pyth Network to unlock HiFi Price feeds
By Edlyn Cardoza
Neon, an Ethereum virtual machine (EVM) on Solana that enables dApps on Ethereum to scale and access liquidity on Solana, recently announced that it has integrated the Pyth network, a next-generation oracle platform designed to provide trusted and verifiable market data to decentralized applications, enabling all EVM dApps running on Solana to access Pyth’s HiFi data.
The partnership between Pyth and Neon Labs allows data from the Pyth oracle to be instantly accessible and easily readable to Solidity developers and dApp users alike via the Neon EVM on the Solana network. In addition to Pyth pricing information, EVM developers will have the opportunity to discover a new type of oracle that provides a confidence interval alongside its price. The confidence interval specifies how much precision or uncertainty there is in a single observation and thus enables developers further to customize their applications for better and safer operations.
“dApps have long been seeking a high-quality oracle like Pyth to consume data sources necessary to function and this partnership gives them just that,” said Andrey Falaleev, Chief Technology Officer of Neon Labs. “We are excited to deliver a data oracle solution to developers, and one that is easy and quick for them to use.”
The Pyth network is a next-generation oracle specifically designed to publish high fidelity financial market data on the Solana blockchain and republish that data to other blockchains through Wormhole. Using the Pyth network, data owners will be able to contribute their data, and consumers of data will be able to acquire that aggregated market data and consume it directly from a blockchain.
Neon is a tool that allows any Ethereum dApps – from lending protocols and AMMs – to be processed with the low gas fees, high transaction speed, and high throughput of Solana while also offering access to the growing Solana market. Over the past several months, the company has experienced significant milestones. Last month, Neon announced a $40 million fundraising round to bring Ethereum virtual machine functionality to the Solana blockchain and is immediately preparing to launch its main net alpha. Many prominent protocols like Aave and SushiSwap have announced that they will port their protocols to Solana through Neon Labs.
“I know I speak for dApps everywhere when I say that this is partnership is a real game changer,” said Marco Qiu, BD of Yin Finance. “We are especially excited to access high-quality data on Solana without having to modify or alter our existing code.”
“This integration is a huge step for Ethereum and Solana interoperability,” said Sidney Powell, Co-founder of Maple Finance. “Data oracles like the Pyth network serve as the connection between blockchains and the data sources necessary for dApps like us.”
“Neon is bridging the divide between two leading blockchains,” said Mike Cahill, Director of the Pyth Data Association. “We look forward to working with them as their first oracle integration to increase access of Pyth data to dApps while offering them a seamless user experience in the process.”
The Pyth network has gathered more than 40 prominent financial actors as data publishers for various asset classes. Pyth price feeds have been available on the Solana mainnet since August 2021. Leading Solana dApps like Bonfida, Drift, Hxro, Mango Markets, Saber Labs, Solend, Synthetify, Port, and Zeta Markets have integrated with the Pyth network to strengthen their protocols’ uptime guarantees and automate critical on-chain functions in a highly reliable, fully decentralized, and cost-efficient manner.
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